dazeinfo.com – It was a Sunday morning and I was skimming through InShorts, a content discovery app, to get a quick overview of what is happening elsewhere. Amongst the 60 odd unread stories, I was not surprised to read of two startup shutdowns. Then, later in the day, I heard of another startup shutting operations. This one happened to employ a close friend (obviously he lost his job).
There exists a serious problem here that nobody is talking about and that is the unique nature of the Indian market which itself is an opportunity to innovate and thrive. Recent graduates from top notch schools in India believe they can clone businesses from other countries and that they will prove to be profitable in their entirety in India as well. Venture capitalists blinded by the founders’ alma mater have been following a hackneyed strategy to provide funding to entrepreneurs who are attempting to clone an idea or business model from USA or China. Their strategy goes something like this for early stage funding:
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